NTMA could not have seen fraud

It would not have been possible for NTMA staff to detect the €3.2m fraud committed by State Street bank in London when it liquidated a €4.7bn fund on behalf of the agency, said chief executive John Corrigan.

Oireachtas Public Accounts Committee member Kieran O’Donnell asked Mr Corrigan why the NTMA’s internal controls had not picked up the fraud.

“€3.2m might not be a huge sum in the context of €4.6bn, but it is roughly one third of what the Government needs to maintain home help care,” said the Fine Gael TD.